Guggenheim Reiterates “Buy” Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reiterated by equities research analysts at Guggenheim in a research report issued on Wednesday,Benzinga reports. They presently have a $138.00 target price on the stock. Guggenheim’s target price would indicate a potential upside of 45.24% from the stock’s previous close.

A number of other equities research analysts have also commented on OKTA. Barclays decreased their price target on Okta from $120.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Monday, August 18th. Cantor Fitzgerald restated an “overweight” rating and set a $130.00 price target on shares of Okta in a research report on Wednesday. Roth Capital restated a “buy” rating and set a $119.00 price target on shares of Okta in a research report on Wednesday, May 28th. Jefferies Financial Group restated a “hold” rating on shares of Okta in a research report on Wednesday. Finally, Stephens restated an “equal weight” rating and set a $127.00 price target on shares of Okta in a research report on Tuesday, May 27th. Twenty-two analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $117.64.

Okta Price Performance

Shares of OKTA stock traded up $3.46 during trading hours on Wednesday, hitting $95.02. The company had a trading volume of 6,027,321 shares, compared to its average volume of 3,634,393. Okta has a 12 month low of $70.56 and a 12 month high of $127.57. The firm has a market capitalization of $16.63 billion, a price-to-earnings ratio of 151.11, a PEG ratio of 4.42 and a beta of 0.80. The firm’s fifty day moving average is $95.32 and its 200 day moving average is $102.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. Okta had a return on equity of 2.79% and a net margin of 4.85%.The company had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. During the same period in the prior year, the company posted $0.65 EPS. The company’s revenue was up 11.5% compared to the same quarter last year. On average, sell-side analysts predict that Okta will post 0.42 EPS for the current fiscal year.

Insider Transactions at Okta

In other Okta news, insider Eric Robert Kelleher sold 16,018 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the transaction, the insider directly owned 7,044 shares in the company, valued at approximately $646,709.64. This trade represents a 69.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the transaction, the chief financial officer directly owned 132,288 shares in the company, valued at approximately $12,567,360. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 88,594 shares of company stock worth $8,382,790. Corporate insiders own 5.68% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wolff Wiese Magana LLC lifted its stake in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after purchasing an additional 154 shares during the period. Pinnacle Bancorp Inc. acquired a new position in shares of Okta in the 2nd quarter valued at $26,000. Wayfinding Financial LLC acquired a new position in shares of Okta in the 1st quarter valued at $27,000. Harbour Investments Inc. raised its stake in Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock worth $27,000 after buying an additional 157 shares during the period. Finally, Promus Capital LLC acquired a new stake in Okta during the 2nd quarter worth $27,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.